USDC stablecoin issuer Circle was the top depositor helped by a government-backed guarantee of Silicon Valley Bank, according to Federal Deposit Insurance Corporation (FDIC) documents seen by Bloomberg.
Circle Internet Financial, which said at the time it had $3.3 billion in holdings at the bank, was followed in the list of top depositors by units of the bank itself, and then by tech-focused venture capital firm Sequoia with just over $1 billion, according to documents sent by the FDIC to Bloomberg under the Freedom of Information Act which were not redacted for commercially sensitive data, in an apparent mistake by the regulator.
Sequoia, the FDIC and SVB’s parent company declined to comment on the document, Bloomberg reported. Circle did not immediately reply to CoinDesk’s request for comment.
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